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PVH Annual Report 2018

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PVH Annual Report 2018 ANNUAL REPORT 20 18 T H E pow E R·1 PVH TABLE OF CONTENTS 6 3 Year in Review Letter to Stockholders 20 18 12 HIGHLIGHTS Tommy Hilfiger 16 20 Calvin Klein Heritage Brands 24 28 Corporate Directors, Officers, Responsibility Executives & Brand Management 29 30 33 Other GAAP to Annual Report Information Non-GAAP on Form 10-K Reconciliations About PVH PVH is one of the most admired fashion and lifestyle companies in the world. We power brands that drive FASHION FORWARD – for good. Our brand portfolio includes the iconic CALVIN KLEIN, TOMMY HILFIGER, Van Heusen, IZOD, ARROW, Speedo*, Warner’s, Olga and Geoffrey Beene brands, as well as the digital-centric True&Co. intimates brand. We market a variety of goods under these and other nationally and internationally known owned and licensed brands. PVH has over 38,000 associates operating in over 40 countries and generated $9.7 billion in annual revenues in 2018. That’s the Power of Us. That’s the POWER OF PVH. *The Speedo brand is licensed for North America and the Caribbean in perpetuity from Speedo International Limited. BY THE NUMBERS GAAP EARNINGS NON-GAAP EARNINGS REVENUES PER SHARE PER SHARE1 ($ in millions) +8% +41% +21% $9,657 $9.65 $9.60 $8,915 $6.84 $7.94 $8,203 $6.79 $6.80 • 2018 • 2017 • 2016 • 2018 • 2017 • 2016 • 2018 • 2017 • 2016 2018 REVENUE BREAKDOWN By Business By Region2 % % • 45% Tommy Hilfiger • 46% U.S. • 39% Calvin Klein • 35% Europe • 16% Heritage Brands • 12% Asia Pacific • 7% Americas (excluding U.S.) 1 Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. 2 Europe includes the Middle East and Africa; Asia Pacific includes Australia and New Zealand; Americas (excluding U.S.) includes Canada, Mexico, South America, Central America and the Caribbean. BY THE NUMBERS ANNUAL REPORT 2018 1 LETTER TO STOCKHOLDERS Emanuel Chirico Chairman and Chief Executive Officer 2 ANNUAL REPORT 2018 LETTER TO STOCKHOLDERS LETTER TO STOCKHOLDERS VH demonstrated the power of its diversified business model throughout 2018. We leveraged our portfolio of ICONIC BRANDS, our strong global platforms and our multi-channel distribution model to grow revenues by 8% to $9.7 billion and post GAAP earnings per Pshare of $9.65, representing 41% growth year-over-year (EPS on a non-GAAP basis 1 1 of $9.60 , representing 21% growth year-over-year). Through the PASSION AND DEDICATION of our associates and our collective focus on continual evolution, our results significantly exceeded our initial expectations, despite weaker than expected results at Calvin Klein, the challenging retail landscape, geopolitical pressures and a weakening macro-economic picture. We believe our results demonstrate the “POWER OF PVH” – the incredible makeup of our organization that encompasses our iconic brands, our talented teams and our wide range of global growth opportunities. With a history going back over 135 years, our with particular momentum in Europe. While we company has been built through innovation and encountered design issues in our CALVIN KLEIN transformation to adapt to a changing consumer 205 W39 NYC and CALVIN KLEIN JEANS product landscape, new business opportunities and lines that impacted our results in the second half geopolitical realities. And, in everything we do, of the year, we embraced change, taking quick and we are committed to our values: individuality, decisive action to maintain the long-term health partnership, passion, integrity and accountability. of the Calvin Klein businesses and we continue to see a significant path to unlock the revenue and 2018 brought new conversations and challenges, margin opportunities in the business. We were leading us to invest in areas that are most also pleased that our Heritage Brands business impacted by the changing dynamics in the continued to generate strong cash flow. industry – the growing prominence of digital, the importance of having a nimble and responsive PVH is truly a unique organization. We power supply chain, an increased focus on sustainability brands that drive fashion forward – for good. and harnessing the power of data to personalize From our associates’ embodiment of our values, consumer experiences. Our efforts to be more to our ongoing commitment to Corporate agile and empower our associates drove our Responsibility (“CR”), to our efforts to invest in performance, and I am inspired every day by what the long-term success of our associates, I am I see across the company: creativity, vision and so proud of what our organization stands for. desire to power change the right way. We recognize our responsibility as an industry leader to consider CR throughout our strategic Our top priorities continued to be delivering business decisions to positively affect human excellent product at great value and engaging rights, environmental protection, inclusion and consumers through our marketing efforts – all diversity and community engagement. Our success while maintaining our essential commitment to is not only measured by our business results but authenticity. Tommy Hilfiger had an outstanding how we achieve them. year, growing across all product categories. 1 Figures exclude certain amounts that were deemed non-recurring or non- Calvin Klein delivered strong topline growth, operational. Refer to GAAP to Non-GAAP Reconciliations on pages 30 and 31. LETTER TO STOCKHOLDERS ANNUAL REPORT 2018 3 underwear and jeans business to grow assortments A diversified business of our accessories, sportswear and performance categories. The brand’s momentum in Europe has with meaningful been very positive over the last five years, with us reaching our $1 billion revenue target ahead of growth drivers plan and our expectation is that we can double the size of this business over the long-term. Based on Operating a portfolio of iconic global brands the strong platforms PVH has in Europe, we also provides us with a wide range of potential growth successfully launched IZOD in the region in Fall drivers and, in 2018, we delivered on many of these 2018, as we sought to take advantage of the white opportunities. Global expansion continued to be a space opportunity in the market for an opening key priority and we posted revenue growth of 12% price point brand. outside of the U.S. We attribute the momentum we are experiencing to our strong regional platforms, Our Asia business was another highlight. We led by experienced leaders that understand local continued to grow our businesses and extended market needs, combined with compelling products our reach for Tommy Hilfiger through purchases that are offered at an attractive value proposition, of franchisees’ businesses in several Tier 1 and and supported by highly impactful consumer Tier 2 cities in China. While the consumer engagement initiatives. Approximately 70% of environment in China softened during the second our earnings before interest and taxes excluding half of the year, our strong brand positioning and corporate expenses was generated outside of the talented leadership teams drove the businesses U.S. in 2018 and we expect that this penetration forward. We enhanced our digital platforms will increase, as we believe there continues to be and launched exciting brand activations with key a strong multi-year growth trajectory for our digital partners, while also tailoring our brand brands internationally. experience specifically for the Chinese consumer, including the increased use of local influencers. Our European business was exceptionally strong While we continue to monitor the consumer in 2018. We continued to gain market share in climate, we see a meaningful opportunity to our Tommy Hilfiger business, with the business’s expand our TOMMY HILFIGER and CALVIN revenues in the region reaching $2.2 billion, as KLEIN category offerings across Asia to offer we posted double digit revenue growth, driven the full lifestyle experience for each brand, by outperformance across all markets and in addition to buying back franchises in more categories. Calvin Klein also experienced robust Chinese cities for Tommy Hilfiger to operate growth in the region, as we capitalized on the the business more directly. power of the brand to expand beyond a primarily 4 ANNUAL REPORT 2018 LETTER TO STOCKHOLDERS With our truly global consumer base, we deepened Our relentless focus our regional focus and gained insights into how we can best meet our consumers’ needs across all of on driving the the geographies where we operate. We shifted our mindset from a global “one-size-fits-all” marketing consumer experience approach, to one that connects with individual markets through the use of regional brand Our consumers are our lifeblood and we are ambassadors and greater use of local activations. passionate about delivering the ultimate brand We leveraged new talent, including Formula experience. We hosted innovative, interactive One™ Champion Lewis Hamilton and Chinese brand events that brought our brands and celebrities Shawn Yue and Maggie Jiang as brand products to life, reaching new and existing ambassadors for TOMMY HILFIGER, as well as consumers through a youth-targeted marketing Taiwanese musician Jam Hsiao and Chinese approach. We fostered a culture of imagination actress Jelly Lin for CALVIN KLEIN. and encouraged our teams to be more nimble. This allowed us to offer newness through capsule Above all, we continued to invest in our in- collections and partnerships, including our store and online experiences to offer a truly successful KITH X TOMMY HILFIGER collection, transformational experience. This included which sold out online in less than an hour. upgrading our stores through the further We also launched engaging brand activations, implementation of our Store of the Future including our CALVIN KLEIN X Amazon Fashion concepts, which offer omni-channel features, NYC Market, an interactive shopping experience product customization and next-level technical merging physical and digital brand experiences capabilities.
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